Ethereum Co-Founder Vitalik Buterin’s $9.8M ETH Sale Impact on Market
Blockchain data has shown that a wallet connected to Vitalik Buterin recently sold 190 ETH, amounting to approximately $441,971. This sale is part of a larger series of transactions totaling 950 ETH, which equates to $2.28 million since August 30. The average selling price per ETH was $2,396.
These transactions have generated considerable interest among market watchers, who are closely examining the timing and potential impacts on overall market sentiment.
Vitalik Buterin has been strategically offloading ETH through a series of transactions that began on August 30, when his wallet received 3,800 ETH valued at around $9.8 million. Subsequently, the wallet has executed several sales in small, strategic increments rather than one large transaction.
The first sale occurred shortly after the initial deposit, with 350 ETH sold for approximately $839,600 at a rate of $2,398 per ETH. This was followed by the sale of another 410 ETH, generating $983,800 at the same price point.
The most recent transaction involved the sale of 190 ETH for $441,971 USDC, completed just 20 minutes before LookOnChain’s announcement on the X platform. In total, 950 ETH has been sold, averaging $2,396 per ETH.
Observers note that these sales follow a deliberate pattern over several days, maintaining a consistent pricing strategy to avoid significant price drops that could result from large-volume transactions. Each transaction has been conducted on decentralized platforms, providing transparency while sparking speculation about Buterin’s intentions.
Enthusiasts in the cryptocurrency community have been closely monitoring the wallet’s activities, analyzing the timing of transactions and the decision to convert ETH to USDC. This move may indicate a preference for stability or liquidity, aligning with Buterin’s stated goals of supporting ongoing projects, charitable initiatives, or other endeavors.
Buterin’s strategic approach to ETH sales contrasts with the typical behavior of whale accounts, which often trigger market disruptions through large-scale movements. By spreading out sales over several days in small batches, Buterin aims to balance liquidity needs and market stability, avoiding panic-inducing price swings.
The community’s response to Buterin’s ongoing ETH sales varies, with some expressing concerns about bearish signals while others speculate on potential expansions of his holdings or funding for new projects. As Ethereum gears up for a potential bullish breakout, observers are closely watching Buterin’s actions for further insights.
Despite Buterin’s sales, Ethereum has faced resistance near $2,380 after a recent bullish trend. While the price surpassed the $2,320 mark, breaking through $2,380 is crucial to establish a bullish momentum. If ETH manages to exceed $2,465, it could test the supply zone of $2,500 – $2,550 following a successful breakout above $2,400.
The timing of Buterin’s ETH sales coincides with a period of heightened vulnerability in the market, where significant players’ actions can significantly impact cryptocurrency prices. Given Buterin’s influential role in Ethereum, his trading activities serve as a barometer of investor sentiment.
